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Posted: Fri May 25, 2007 3:32 am Subject: charge off accounts

i have a question about charged off accounts. is it true that if an account is charged off it can not be an open account. i read somewhere that if a charge off account is on your credit report showing as open it can be disputed due to the fact that charge offs are just that and not open accounts. i have 2 on my reports and they both say open.

Posted: Fri May 25, 2007 7:24 am Subject:

Technically, a charged off account would be a closed account - a company typically is not going to leave an account open that is not active or receiving payments on a balance. Whether the credit report shows the account as Open or Closed is not really going to have an effect on your score, the Charge Off notation is what hurts. If the account is within SOL, it can help to work out payment arrangements and possibly negotiate the account into a current status.

Posted: Fri May 25, 2007 10:48 am Subject:

The furnisher is reporting wrong.A charged off account is not a open account. File a dispute with the credit bureaus stating that the account status is incorrect and needs to be investigated.

Posted: Fri Jun 08, 2007 6:25 am Subject:

I have never heard of a charged off account.

Posted: Mon Jun 11, 2007 1:34 pm Subject:

A charged-off account is one where a company has ceased collection activity for whatever reason they have and "charges it off", meaning they are writing it off, essentially. This does obviously go on your credit report and is not a good thing to have on it. After the SOL expires, the company has no legal recourse, however, if you do make a payment, the SOL starts over again and the clock ticks again.

Posted: Tue Jun 12, 2007 1:29 pm Subject:

Everyone please read this info.Paying on an account does not reset the reporting sol unless the account was brought current and defaulted again. Payments can reset civil action sols.You would need to check your individual state code for that info.
http://www.ftc.gov/bcp/conline/pubs/buspubs/infopro.htm

Posted: Tue Jun 12, 2007 4:49 pm Subject:

Thanks Cajun for that info!! We all learned something from you again!!

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